The soybean meal market size was valued at $59.2 billion in 2021, and is estimated to reach $94.2 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.ย The conventional segment was the highest revenue contributor to the soybean meal market, with $41,656.7 million in 2021, and is estimated to reach $65,165.0 million by 2031, with a CAGR of 4.7%.
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The major key players profiled in the soybean meal market includeย Mahesh Agro Food Industries, Louis Dreyfus Company B.V., Bunge Limited, Mamta Hygiene Products Pvt. Ltd., Nordic Soya Ltd., Mukwano Industries Uganda Ltd., Gujarat Ambuja Exports Limited, AdamPolSoya, Wudi Deda Agriculture Co. Ltd.,ย Agrocorp International Pte Ltd, Shafer Commodities Inc., Denofa AS, Kohinoor Feeds and Fats Ltd., Minnesota Soybean Processors, Granol Indstria Comrcio e Exportao S/A, DHN International, Gauri Agrotech Products Pvt. Ltd., The Scoular Company, CHS Inc., and Kemin Industries, Inc.
Based on sales channel, the offline contributed the maximum share in the soybean meal industry in 2021. Offline sales of soybean meal provide a number of advantages, such as the ability to easily buy and exchange products at retail establishments. Customers can also visit these stores to choose from a wide variety of soybean meals with the assistance of extremely educated salespeople who can help them choose the right item based on their needs.
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In 2021, based on region, Asia-Pacific is the leading segment in the soybean meal market forecast. Since Asia-Pacific is an excellent location for acquiring raw materials and supplying protein byproducts, prominent companies are preparing to relocate there. This is especially true for supplement manufacturing given the region’s high soy output.
The best source of additional protein for swine diets is traditionally thought to be soybean meal. In fact, as soybean meal is frequently used as the standard when comparing other protein sources, it is commonly referred to as the “gold standard.” Around 63% of all protein sources used in animal diets worldwide come from soybean meal, followed by rapeseed (canola) meal, cottonseed meal, sunflower meal, fish meal, and peanut meal. In contrast, soybean meal makes up over 92% of all oilseed meals fed to livestock and poultry in the USA. This soybean meal is used in poultry feeds around 53% of the time, swine feeds 27%, cattle feeds 14%, and pet foods, fish feeds, and other feeds 6%.
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